I've had recent interactions with clients who, for various reasons, thought they were not ready to buy a house.
They were renting when they could have already been homeowners, building equity and enjoying all the added benefits of their own home!
Here are a few common myths about purchasing a home...
Myth #1) I need excellent credit.
While it's true that your credit report is an important part of the mortgage process, lenders do not require an unblemished history or a near perfect score.
I've had clients think they would not be approved based on their current credit score or history, but you won't know unless you ask!
My partner lenders are excellent. They can not only tell you if you're approved (and for how much), but they can provide insight into what steps you should take to be approved in the future.
Myth #2) I need a large down payment.
False. This myth is based on outdated information passed down for generations.
Many conventional loan programs call for a 3% to 5% down payment and FHA loans require only 3.5%.
In addition, down payment assistance programs could eliminate any initial money needed!
Myth #3) Now is a bad time to buy.
Oddly enough (regardless of the time of year) folks think it's a "bad time to buy". While the current housing market is competitive, interest rates are still low and it's never a bad time to graduate from being a renter to a homeowner.
Buying a house is an opportunity to build wealth, have the freedom to make modifications to your home, have increased privacy, gain tax benefits, and so much more!
Let's wrap-up with this... NOT ALL REAL ESTATE AGENTS ARE CREATED EQUAL.
Find someone who is available, has a track record of success, is passionate about real estate, and genuinely wants to help you find the right home.
Here's the best part... as a home buyer, agent services are free. The seller pays both sides of the agent commission at closing.
If you want to learn more about purchasing a home, feel free to reach out to me!
~Shannon